Los Angeles. CA – The $2 billion sale of the Los Angeles Dodgers to Guggenheim Baseball Management LLC, a group that includes Basketball Hall of Famer Magic Johnson, was completed on Tuesday.
The sale comes less than a year after the Dodgers filed for bankruptcy. The previous owner, Frank McCourt, had agreed to sell soon after being awarded the team in a messy divorce settlement.
MLB and the Dodgers had agreed to a court-supervised process to sell the team and its media rights to maximize the team's value, and a U.S. Bankruptcy Court approved the deal in April.
"The Dodgers emerge from the Chapter 11 reorganization process having achieved its objective of maximizing the value of the Dodgers through a successful plan of reorganization, under which all claims will be paid," the team said in a statement. "The Dodgers move forward with confidence -- in a strong financial position; as a premier Major League Baseball franchise; and as an integral part of and representative of the Los Angeles community."
Baseball commissioner Bud Selig called the sale "a long and difficult road" and said he was "pleased that the club can have the fresh start it deserves under new ownership." He thanked Dodgers fans for their patience and loyalty.
"I have said many times that we owed it to them to ensure that the club was being operated properly and would be guided appropriately in the future," said Selig in a statement. "It is my great hope and firm expectation that today's change in ownership marks the start of a new era for the Los Angeles Dodgers and that this historic franchise will once again make the city of Los Angeles proud.
"Despite going through bankruptcy court, this process required the same due diligence and analysis that any other sale would demand. Through all the challenges of this highly unique situation, our requirements were met. Ultimately, the sale produced a record figure in all of sports, illustrating the strength of our industry.
"The 2012 season is off to a remarkable start. As we welcome the new stewards of the Dodgers, I am grateful that the unbecoming events of recent years are behind us and the focus can be squarely on the field, where the Dodgers currently hold the best record in the National League."
Mark Walter will serve as the controlling partner of the Dodgers, while Stan Kasten will be the CEO of the organization.
The new ownership group is set to be introduced at a news conference Wednesday morning at Dodger Stadium.